The largest media conglomerate in the world, Time Warner resulted from the merger of the publisher Time Inc. and the media company Turner Broadcasting Systems, Inc. in 1996. Time Inc. founded in 1922 primarily concentrated on magazines and books and in the 1950s moved into the broadcasting and entertainment industry, but in the 1970s announced that it was selling its broadcasting holdings and concentrating on cable television. In 1989 Time Inc. merged with Warner Communications Inc., which besides being a major motion-picture and television studio, was also one of the biggest U.S. music recordings producers and cable-television operators.
In January 2000 Time Warner merged with AOL (America Online) in a US$ 243.3 billion deal. Although AOL so far generated far less profit and turnover than Time Warner its quotation on the stock exchange was clearly higher, making Time Warner the junior partner (45 percent) in the new company. Through its merger with AOL, which is a major player in the online-business and owns several Internet-services like Compuserve, Netscape and Netcenter, the new media conglomerate could significantly enlarge its online presence and also complement its traditional media activities.
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b. June 12, 1924
41st President of the United States. In 1954, George Bush co-founded and became the president of Zapata Offshore Company. By 1964, he became chairman of the Republican Party of Harris County. That same year, he ran for the U.S. Senate, but was defeated in the Democratic landslide. Bush had better luck in the election of 1966, when he became the first Republican ever to represent Houston in Texas. Presidents Nixon and Ford selected Bush for a series of high-profile appointments: Ambassador to the United Nations in 1971, Chairman of the Republican National Committee in 1973, envoy to China in 1974 and Director of Central Intelligence in 1976. When Jimmy Carter was elected President in 1976, he appointed a new Director and George Bush returned to private life. In 1980, Bush made his own run for the Presidency. George Bush sought the Presidency again in 1988, and won the Republican nomination over a large field of candidates. His election that November was a decisive one, though not the landslide he and Reagan had enjoyed in 1984.